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Lagos insists developers must obtain EIA Approval for all projects

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The Lagos Government has announced that obtaining an Environmental Impact Assessment (EIA) approval is a must for all projects developements across the state. The Special Adviser on Environment, Olakunle Rotimi -Akodu, made this known during a Stakeholders’ Engagement on Environmental Impact Assessment (EIA) for Practitioners in Real Estate Sector And Projects Developers in Lagos State held Ikeja, Lagos.”Read Original/For More…Read D Full Story Here Now.”

According to him, all developers and builders must subject their projects to EIA process before its commencement.

Rotimi-Akodu explained that Estate development building projects include 5-floors building and above, 8 apartments units and above, shopping malls, filling stations, industrial facilities, sand mining projects, dredging, land reclamation amongst others, must be approved before the structures begin to take shape.

He said the Lagos State Government will not hesitate to enforce compliance in the overriding interest of ensuring public safety and sustainable development when necessary.

The special adviser emphasise that EIA is a critical environmental management tool that must be embraced by both private and public sector (Stakeholders in Real Estate Sector) in order to achieve sustainable development.

According to him, Lagos State has remained the most preferred destination for investors/ businesses in Nigeria, saying this has attributed to the growing population which provides a huge market for goods and services; modern infrastructure as well as sound policies which have continued to create enabling environment for businesses to thrive.

He explained that the establishment of industrial facilities, creation of new settlements, real estate induced coastal reclamation, development of estates, all come with significant adverse environmental impacts ranging from pollution of various environment sources(air, land and water) to sometimes irreversible environmental degradation if not properly managed.

He said the government is determined to continually protect the environment and public health and as such adopted the EIA process as a critical tool for safeguarding the environment and ensure sustainable development in line with global best practices.

The said EIA is a formal process for identifying the likely impacts that may arise from a proposed activity or project on the environment, human health and socio-economic activities adding that it helps in identifying the likely adverse and beneficial impacts of a project with the aim of putting in place measures to reduce or mitigate the adverse ones.

The Special Adviser added that the cost of everyone folding their hands and watch development activities degrade the environment as well as destroy the fragile ecosystem is huge and the State cannot afford this cost in the face of other critical needs.

He reiterated that real estate and the construction industry contribute substantially to the state’s GDP, create thousands of jobs, from Project development as well as architects, engineers, artisans, construction materials suppliers, facility managers amongst others.

Also speaking is the Permanent Secretary, Office Environmental Services, Tajudeen Gaji, who noted that the Workshop is not only apt, but timely, coming at a time when all hands must be on deck to ensure sustainable development in the State.

“EIA is a critical safeguard instrument that has been adopted across the globe as a tool for protecting the environment and public health.

It has as its objective, early identification of likely impacts both adverse and beneficial that could result from a proposed project and proffering appropriate measures to either eliminate, reduce or mitigate the adverse impacts.”

He emphasized that there is no doubt that while projects development come with obvious benefits, they also bring along with them negative environmental and social impacts that must be effectively mitigated or managed.

He said if everyone ignore these impacts, they would expose the already fragile ecosystem of the State to further degradation and by extension jeopardize public health and safety.

The Director Environmental Assessment Department, Olasunkanmi Sojinu, in his lecture mentioned that the EIA process is backed by the EIA Act CAP E12 LFN 2004 and the Lagos State Environmental Management and protection Law 2017 which makes it mandatory for all major developments to subject such to the EIA process and obtain appropriate approval before commencement.

He said the the principles of EIA include participatory which involve all relevant stakeholders including members of the public, project host communities and other interested parties in the ElA process as well as proportionality which is the level of details or scope of the EIA that match the size of the project and potential significant impacts of the project amongst others.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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